CALGARY, March 30, 2012 /PRNewswire/ - Trimac Transportation Ltd. ("Trimac") (TSX: TMA) announced today that it has closed its previously announced acquisition of a majority interest in the parent company of Fortress Trucking Limited ("Fortress"). Trimac acquired a 60% interest in Fortress for a purchase price of $4,400,000. Pursuant to the terms of the share purchase agreement, Trimac will acquire 50% of the remaining shares of Fortress on the 24 month anniversary of closing and all of the remaining shares of Fortress on the 36 month anniversary of closing for a minimum total purchase price of $7,500,000, subject to adjustment.
Fortress is based in Guelph, Ontario and specializes in bulk transportation deliveries throughout central Canada and the United States with a focus on hazardous and non-hazardous transportation of liquid chemicals, petroleum products, pressurized gases and dry chemicals. The assets of Fortress include 37 tractors and 115 trailers.
In commenting on the transaction, Ed Malysa, President and Chief Operating Officer of Trimac, stated "we are very pleased to have the Fortress team join Trimac. Fortress has always been highly regarded in the bulk hauling transportation sector and we look forward to continuing the premium service levels that the Fortress customers have enjoyed for a very long time."
About Trimac: Trimac is Canada's largest provider of bulk trucking services with operations from coast to coast. In addition, through its National Tank Services division, Trimac performs repairs, maintenance and tank-trailer cleaning services for both the Trimac fleet and for third party commercial customers. Trimac also provides third party transportation logistics services in Canada and the United States through its wholly owned subsidiary Bulk Plus Logistics.
SOURCE Trimac Transportation Ltd.